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Report from the Equity Research Seminar, Part IV: Measuring Value Added
Feb 1, 1989
Investment managers face two important problems. The first problem is acquiring and maintaining an ability to add value. The second is convincing others that they have the ability to add value. What makes both of these problems more difficult is the notion of value added. Value added is an abstract notion. It is, in some sense, in the eye of the beholder. On this note, we will try to make value added a bit less abstract.